In our new digest, you will learn a selection of cryptocurrency and blockchain news that had the greatest resonance in the press and on social networks last week.
Another Chinese ban
Last week, China again became the main newsmaker in the market, banning the circulation of Bitcoin and some other cryptocurrencies on its territory. The market reacted instantly with a drop in almost all cryptocurrency prices, but then quickly found support among investors, who began to perceive temporary price corrections as a reason to buy.
Pressure of regulators
Hearings of the Securities Commission (SEC) against Ripple continue. The main complaint of the regulator is the suspicion that the XRP token has signs of a security, not a commodity. The SEC has previously rejected similar claims against Ethereum, and this precedent is now being used by Ripple's lawyers as a line of defense.
The head of the SEC, Gary Gensler, also stepped up with public attacks on the crypto industry, who announced his readiness to “protect investors” both on a special stream of Washington Post and on his personal Twitter page.
Donates to Twitter
Great news for all content producers on the world's largest social network, Twitter. Now each author can receive donations from their readers if they liked either their post or their work in general. Transfers are made through the Lightning Network and are almost instantaneous.
The EDC Blockchain platform operates on its own blockchain, which allows for fast transactions (up to 3 seconds) and use the entire functionality of the platform: users pay bonuses in EDC coins to partners and employees, conduct loyalty campaigns, send donations and gift certificates to each other. You can read about additional features of the platform in this article. Subscribe to EDC Blockchain Twitter for the latest news.
The second level network (L2) Polygon, which was created to reduce the cost of Ethereum transactions, for the first time outstripped the Ethereum blockchain in terms of the number of active addresses. Last week, this figure for Polygon was 351,000, while Ethereum had “only” 326,000 active addresses.
This allowed the Polygon’s MATIC token to outstrip the ICP project by $100 million in capitalization.
The EDCB token of the EDC Blockchain platform was transferred from the Ethereum network to the Binance Smart Chain, which made transactions several times cheaper compared to Ethereum.
Elon Musk’s Advice
Tesla and SpaceX creator Elon Musk said in an interview with CNBC that, in his opinion, cryptocurrencies cannot be destroyed, although world governments can slow down progress in their development by their actions.
When asked whether the government should participate in the regulation of the crypto market, Musk, as a true libertarian, replied: "No, they shouldn’t do anything."
Blockchain is a self-sufficient and self-regulatory technology that has proven its excellence in ensuring the interests of all members of its community.
The market value of the two major global money transfer operators, Western Union and Moneygram, fell by almost 25% in 2021. Against this background, the growth of some blockchain platforms by 50% -100% looks like a positive trend.
The world's main cryptocurrency Bitcoin has grown by +30% this year, being a locomotive for those representatives of the crypto market who offer fast and secure transactions with low commissions. And fiat giants will have to figure out how to compete in this new reality.
Over the past 24 hours, the value of the EDC coin has increased by 10.03%. Over the past week, the coin has also maintained a positive trend (source: CoinMarketCap).
The best time to trade cryptocurrency
The market has trading periods of varying intensity, despite the fact that the crypto exchanges themselves operate around the clock. If you are a long-term holder (like most users of the EDC Blockchain platform), then short-term price changes will not affect you too much. But, if you are a crypto trader, then it will be useful for you to know when the market has the highest trading volumes: very often reliable market signals appear at the current time, while in a low-volume market signals can be “false”.
On average, data from all leading exchanges show that the greatest activity of market players is observed during the opening of American exchanges (approximately 15-16 pm London time):
Activity of "whales"
In the past two weeks, there has been a record transfer activity of large Bitcoin holders. Cumulative transaction volume of more than $10 million is at an all-time high.
This means that the market is returning to the condition it was in before the historic drop in May 2021. Many experts are of the opinion that the bottom of the crypto market is behind.
Long-term holders make profit
71% of long-term Bitcoin holders come out on top. So far, 9.4% of holders now made unprofitable purchases. These are the data of the Glassnode portal.
It is also noted that these users are holding about 80% of the entire issue. This means that the growing demand for crypto assets will inevitably face a shortage of supply, which means that the price for them will only increase in the long term.
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